I closed a loan with Resource Financial Services today and it was the absolute worst experience I have ever had doing business. A week or so ago I decided switch my loan from my trust to my LLC. I specifically asked if anything would be different and was told there was a fee to buy down the rate but everything else was exactly the same. Having blind faith in my lender I trusted that this was the case. When we sat down at closing today there was a prepayment penalty if I sold or refinanced or sold in the next 3 years of over $43,000.00!
I asked the loan officer (who was present at the signing) why she did not tell me about this. She said I signed it in the docusign. I specifically told her previously that I did NOT read the docusign and asked her if anything was different. She had said everything else was exactly the same. There was never a mention of the prepayment penalty fee being added in and I did not know about it until I had flown across the country to sign all the documents.
On top of that she agreed that if the rates dropped a bit this year and if I refinanced with her that she would work with me on the pricing and fees. I should've been more cautious as I had more than one call into her this week and my calls were unreturned. Yesterday as I was traveling to get here she said I am in a meeting and will call you back but never did. I only found out later that as of 5pm the closing stuff had not even been sent to my attorney yet.
So here I sit at the table with the attorney , my realtor and Caroline Smith (the loan officer) and I tell her Im not signing this. She says let me go see what I can do for you. She excuses herself to make a phone call that we are not privy to. She comes back and says if you sign this today and give us $14,000 extra we will negate the prepayment penalty. I was appalled and under great duress at this point. Where Im from this is called extortion. I told her to leave and that I no longer wanted her there. As she walked out the door she said " I am not a liar". Well Caroline omission of facts is also dishonesty in my book. She then said angrily the rates will not hit 6% this year! I said "do you also work for the fed?"
She left and about ten minutes later addendums started coming to my attorney that I had to sign there was a couple of places throughout the contract that they were changing and sending to Donaldson Law Firm as I was sitting there. There were multiple places they hadn't caught when sending the paperwork over that needed to be changed at the last second.
To Resource Financial Services this was obviously just another loan to push through but to me it was my dream home. I sat there with my dream on the table unsure If I should walk away or just sign it. I had flown across the country and had already wired over half a million dollars to the law firming this was what i've been working towards my entire life.
I would caution anybody to think twice before using this company. A new home is life's biggest purchase.....Imagine yourself at the table, with an extra $43,000 penalty that no-one told you about and then the loan officer tells you, if you give us $14,000 more dollars we will waive it.... what would you do? Do NOT let yourself get in a. situation like this with a company like this. As for Caroline Smith and RFS....buyer beware!! read more
